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Category Archives: Horseracing
Paradox in Maryland; Otter saves “instant racing”
While its competitors dealt with a variety of revenue declines, despite posting a record amount of revenue, Horseshoe Baltimore was up in March, grossing a best-yet $25 million. On a statewide basis, revenue was 17% higher last month. However, casinos … Continue reading
Posted in Cordish Co., GTECH, Harrah's, Horseracing, Idaho, IGT, Maryland, Penn National, Racinos, Regulation, Reno, Tribal, World Series of Poker
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Macao: What, us worry?; Florida grapples with gambling
Two Hong Kong-based stock analysts recently met with the Macanese Gaming Inspection & Coordination Bureau. Much to their surprise, when they asked “what positive policy measures can be enacted to help stop the trend of negative gaming revenue growth,” they … Continue reading
Posted in Economy, Florida, Horseracing, Idaho, Macau, Politics, Problem gambling, Racinos, Regulation, Sheldon Adelson, Tourism, Transportation, Tribal
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Elaine Wynn fights on; Floridians heart Seminole casinos
Showing that two can play the press-release game, Elaine Wynn released an open letter to Wynn Resorts shareholders, urging them to vote their gold-colored proxy cards in her favor. Citing her “my immense industry knowledge and expertise, and my role … Continue reading
Posted in Florida, Hard Rock International, Horseracing, Japan, Kentucky, MGM Mirage, Politics, Sheldon Adelson, Steve Wynn, Tribal, Wall Street
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The torments of Glenn Straub; Icahn wins another round
“I keep waiting for the elevator doors to open and somebody to walk out carrying bags of money. We keep hearing about people with money wanting to make bids. I haven’t seen them yet.” So said Glenn Straub, who continues to … Continue reading
Belt-tightening in Macao; Adelson gets his wrist slapped
Given the steep plunge in casino revenues over the past eight months, Macao casino operators are talking about taking cost-saving measures. Although its mass-market focus shelters it from the worst of the downturn, Sands China is mulling cuts in its … Continue reading
Posted in Election, Florida, Georgia, Horseracing, Macau, Politics, Sheldon Adelson, Steve Wynn
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Foxwoods returns to Massachusetts … maybe
In the slow-simmering competition for a southeastern Massachusetts casino license, Foxwoods Resort Casino has just turned up the heat. It will wed spinster KG Urban, which brings a waterfront New Bedford site to the nuptials, while Foxwoods will provide the … Continue reading
Posted in Architecture, Foxwoods, Horseracing, Illinois, Massachusetts, Neil Bluhm, Pennsylvania, Regulation, Tribal
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Fear and loathing in Washington; New goodies at Borgata
Sheldon Adelson sock puppet Rep. Jason Chaffetz (R) would be holding his much-ballyhooed hearing on Internet gambling today, had Mother Nature not intervened and forced a postponement. When it happens, it’ll be pretty much the kangaroo court you’d expect. His star witness is rabid and … Continue reading
Caesars foe now its BFF; Suffolk Downs returns
Considering that it is the owner of Caesars Interactive and WSOP.com, one would hardly expect Caesars Entertainment to welcome PokerStars back to the U.S. market. But that is precisely what it has done, proclaiming that “we need to focus on where … Continue reading
Fisticuffs in Idaho; Wynn woos Bostonians
Idaho‘s Coeur d’Alene tribe got a taste of its own medicine when four lawmakers penned a letter to Gov. C.L. Butch Otter and to the U.S. Attorney’s office charging the tribe with being out of compliance with its compact. The … Continue reading
Posted in Environment, Horseracing, Idaho, Massachusetts, Politics, Problem gambling, Racinos, Regulation, Steve Wynn, Technology, Transportation, Tribal
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Where to dump Trump?; Straub stumped
Although he’s buried millions of dollars in New Jersey, having been party to four casino bankruptcies, Donald Trump doesn’t want his carcass interred there. Instead, when he goes to that big sand trap in the sky, he wants to be … Continue reading
Quote of the Day
“We were told this was about saving the horse racing industry. I find it somewhat ironic that two of the three racetracks that have instant racing have never been live horse-racing tracks. This is not about live racing. This is about casino … Continue reading
Posted in Horseracing, Politics, Racinos, Tribal
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Golden, Scientific on the move
Golden Gaming continues to absorb its competitors. Its latest acquisition is Lakes Entertainment, one of the most venerable names in Midwestern gambling. Golden will pay a 37% premium to purchase Lakes at $9.57 a share. While 64% of shareholders will … Continue reading
Posted in Bally Technologies, Golden Gaming, Horseracing, IGT, Kentucky, Maryland, Ohio, Scientific Games, Slot routes, Technology, Wall Street, WMS Industries
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Atlantic City hangs in there; Mississippi mulls i-poker
When it comes to Atlantic City it literally is a question of whether the glass is half-empty or half-full. The city’s casinos are 48% off their 2006 high of $5.2 billion. In 2014, the decline was slowed somewhat by $123 … Continue reading
Posted in Atlantic City, Boyd Gaming, Colony Capital, Economy, Harrah's, Horseracing, International, Mississippi, Politics, Revel, Sports, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts
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Start making sense; Walker dodges a bullet
“Indianapolis is making it impossible to run cities,” complains Hammond Mayor Thomas McDermott Jr., who’s nettled by a proposal to eliminate the $3 admission fees Indiana casinos pay on behalf of their customers. The port authority of Hammond is run … Continue reading
Hello, Yellow Brick Road; Packer’s big plan
New York‘s Oneida Indian Nation was quick to counterpunch at last week’s private-sector casino expansion. They plan to open 436-slot, 250-job Yellow Brick Road Casino in L. Frank Baum‘s hometown of Chittenango, N.Y. Thanks to the terms of their compact with the state, … Continue reading
Posted in Architecture, Australia, Harrah's, Horseracing, James Packer, Marketing, MGM Mirage, New York, Racinos, The Strip, Tribal
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Big and Little Caesars strike again; Atlantic City’s monopoly in danger
Last weekend, Caesars Entertainment confirmed what we already expected: It will file bankruptcy for Caesars Entertainment Operating Co. next month, in what the New York Times called “an ignominious milestone for what was one of the biggest buyouts of the … Continue reading
Posted in Atlantic City, Election, Harrah's, Horseracing, New York, Politics, Wall Street
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Many called, few chosen for New York casinos
Count mega-budget offerings from Genting Group and Caesars Entertainment among the marquee-name dismissals in the New York Gaming Facility Location Board‘s final cut of casino applicants. Also going into the circular file were a second Genting project (Resorts World Hudson Valley), along with … Continue reading
Posted in Churchill Downs, Cordish Co., Economy, Genting, Hard Rock International, Harrah's, Horseracing, International, Mohegan Sun, Neil Bluhm, New York, Penn National, Racinos, Taxes, Tribal
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Death throes at Trump Taj; Casino clash in Maine
Even with a $5 million cash infusion from rich uncle Carl Icahn, that didn’t stop Trump Taj Mahal from going into Death Spiral Mode. Its greatest asset, its new(ish) hotel tower, has been closed and the casino will no longer … Continue reading
Posted in Atlantic City, GTECH, Horseracing, IGT, International, Lawrence Ho, Maine, Melco Crown Entertainment, Penn National, Politics, Tribal, Trump Entertainment Resorts
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The sport of kings in cyberspace
Illinois‘ addiction to gaming revenues resembles that of a heroin junkie in the throes of severe withdrawal. The latest proposed “fix” would create de facto racinos at all of the state’s horse tracks. State Rep. Dwight Kay (R) is pushing … Continue reading
Posted in Horseracing, Illinois, Kentucky, Technology, Wall Street
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Revel: Straub loses
Bids are in for Revel and the white elephant goes to … Brookfield Asset Management, owner of the Hard Rock Hotel in Las Vegas. (The fund is obviously fond of problem children.) Brookfield’s winning bid was $110 million, leaving stalking-horse … Continue reading